According to the National Institutes of Health, 2 to 3 out of every 1,000 children born in the U.S. have some level of hearing loss, and about 28.8 million adults in the country could benefit from using hearing aids. Unfortunately, hearing assistance devices are not available to everyone because of insurance reasons, the cost of obtaining and replacing the devices or both.
In fact, the average cost of a single hearing aid can be between $1,000 and $4,000, with premium aids reaching $6,000 or more. Not only that, but they don’t last forever, and when you have to replace them, you have to pay the same amount again. And if you don’t have health insurance to cover the cost, you might have to sacrifice your hearing under the current hearing aid industry rules.
Addressing the Current Hearing aid Industry
InnerScope wants to disrupt the current hearing aid industry by directly offering quality hearing aid devices to the consumer. Its aids are U.S. Food and Drug Administration (FDA)-registered, self-adjusting, Bluetooth controlled, and accessible via an app right on your mobile device. One of the great things about the company is that the patient doesn’t have to see a doctor to buy a hearing aid because InnerScope ships the device right to the customer.
Doing so reduces costs by 75% without giving up any quality in the product itself. By cutting out the middleman, the company saves money, which it passes on to the consumer.
What Sets InnerScope Apart?
The innovative company's focus is on distribution and strategy with its own e-commerce, in addition to developing ongoing relationships with big-box retailers like Walmart (NYSE:WMT), various pharmacies and grocery stores. InnerScope’s target is to reach as many people as possible in the United States and around the globe with its innovative and cost-effective products.
According to the company, only 10 competitors in the direct-to-consumer hearing aid market are trying to serve about 50 million people in North America. The untapped market gives the company enormous potential to grow and meet the public’s demand. Its business models allow it to offer a pair of hearing aids for only around $1,000 to $1,500 to those who need them, which is a fraction of the cost they would usually pay.
Future Plans for Hearing Aid Distribution
Over the next 3 to 6 months, InnerScope is launching an infomercial to get the word out about its products. It is concentrating on building joint ventures with retailers who want to offer its hearing aids to its customers. With its recent launch on FSAstore.com and HSAstore.com, InnerScope plans to reach the 75 million people in the U.S. who have Flexible Spending Accounts or Health Savings Accounts. InnerScope also has exciting technology acquisitions and new retail partnerships on the horizon to help it further advance its product portfolio and distribution.
All these steps aim to reach as many people who suffer from hearing loss as possible and offer them a high-quality alternative product directly from a trusted manufacturer to give them the best route to solve their hearing problems quickly.
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